The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at http://annualreport.marksandspencer.com/_assets/downloads/Marksand-
Spencer-Annual-report-and-financial-statements-2012.pdf.

Instructions
Refer to M&S’s financial statements and the accompanying notes to answer the following questions.
  (a) What cash outflow obligations related to the repayment of long-term debt does M&S have over the next 5 years?
  (b) M&S indicates that it believes that it has the ability to meet business requirements in the foreseeable future. Prepare an assessment of its liquidity, solvency, and financial flexibility using ratio analysis.